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Saudi fund pledges $57 million for power project

The Saudi Fund for Development has pledged another $57 million for the 106 megawatts of Golen Gol hydropower project being constructed by the Pakistan Water and Power Development Authority (Wapda) in district Chitral of Khyber Pakhtunkhwa.

The announcement was made during a visit of a three-member delegation of the Saudi Fund for Development led by Chief Engineer Abdullah Al-Shoaibi to the project site along with the Wapda chairman Syed Raghib Abbas Shah.

The Fund is providing financial assistance worth $40 million for the civil works of Golen Gol hydropower project.

With regards to the announced provision of additional $ 57 million for the project, negotiations will be held in Saudi Arabia’s capital Riyadh next month. A formal agreement is expected to be signed afterwards.

The delegation along with Wapda chairman witnessed the construction activities at weir (dam), head race channel, sand trap, head race tunnel, pressure tunnel, pressure shaft, surge chamber, and power house area. The delegation expressed the hope that the project would be completed as per the schedule. The delegation members were informed that 47 percent works on the project had been completed, while the project is expected to finish by August 2015.

Golen Gol hydropower project is a part of the low-cost energy generation plan of the government being executed by the Wapda on priority basis to harness the local hydropower resources to overcome power crisis and bring down the electricity tariffs.

It is expected to save $34 million annually spent on importing furnace oil for power generation. After the completion, remote areas of Chitral, Dir and Timar Garah will be connected to the national grid.

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